How to manage Third-Party Risk in 2024: Venminder’s latest whitepaper reveals all
ELIZABETHTOWN, KY (February 9, 2024) — CUNA Strategic Services’ preferred solution for managing third-party risk management programs, has released their eighth annual “State of Third-Party Risk Management” whitepaper. The whitepaper provides a deep dive into how organizations are handling third-party risk today, covering key aspects such as current practices, challenges, compliance drivers, and benefits.
Third-party risk management is not a static practice, but a dynamic one that constantly adapts to new risks and regulatory demands. The past year has shown how vital it is to have an effective third-party risk management program in place, as the world faced unprecedented events and challenges such as the collapse of three regional banks, various regulatory changes, a record number of data breaches, the rise of artificial intelligence and its risks, and more. These developments have challenged even the most seasoned third-party risk management professionals to re-evaluate the scope and effectiveness of their programs.
Third-party risk management is becoming more urgent and essential for organizations of all sizes and industries. Organizations need to continuously identify, assess, manage, and monitor third-party risks, and can now leverage Venminder’s 2024 whitepaper to benchmark their performance against their peers.
“Third-party risk management delivers significant benefits to organizations and helps them mature their governance, risk, and compliance management programs,” said James Hyde, CEO of Venminder. “By reading and reviewing the data, trends, and best practices of the current third-party risk management landscape and processes captured in our survey, you can gain insights into how your organization compares to your peers and use it to guide your program enhancements this year and beyond.”
The State of Third-Party Risk Management survey reveals the following key findings:
- Third-party risk management program maturity is improving overall, with 71% of survey respondents sharing they have a policy/program fully in place (with 38% of that still further improving upon it) and 17% sharing they have a policy/program established but processes not fully implemented.
- Third-party risk management activities are seen as valuable, with 96% of respondents believing they have a positive return on investment.
- Third-party risk management programs operate with limited resources, with 58% of respondents having no more than 2 dedicated staff members.
- Software tools are widely used to facilitate vendor risk management, with 77% of respondents relying on them.
- Cybersecurity is the main concern and challenge for third-party risk management, with 51% of respondents experiencing a third-party cybersecurity incident in the past year.
- Artificial intelligence poses a new and significant risk for third-party risk management programs, requiring more attention and oversight.
The full survey findings are free to download on Venminder’s website by clicking here.
About Venminder
Venminder is the leading provider offering a unified SaaS platform for third-party risk management. The platform is used by more than 1,200 customers to manage the entire vendor lifecycle, from onboarding to offboarding, with ease and efficiency. Venminder combines technology and human expertise to enable customers to manage vendors, track contract data, perform due diligence and oversight, send and score questionnaires, conduct risk assessments, systemically monitor risks across domains, order due diligence assessments on vendor controls, and much more. Venminder also powers Third Party ThinkTank, the largest online community dedicated to the practice of third-party risk. For more information, visit www.venminder.com or follow Venminder on LinkedIn, Twitter, and Facebook.
About CUNA Strategic Services
CUNA Strategic Services (CSS) develops strategic alliance relationships to offer quality products and services to your credit union that contribute to your bottom line, add to your peace of mind, and enhance your relationships. The company is jointly owned by America’s Credit Unions and the state leagues. For more information, visit www.cunastrategicservices.com.
